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A new study conducted shows that the biggest near term worries for companies around the world include a prolonged global recession due to the ongoing pandemic, outbreak of another infectious disease, increased protectionism and high unemployment.

22nd May 2020Author: Poshecka Kumar

Image Courtesy : Yourstory

A new study conducted shows that the biggest near term worries for companies around the world include a prolonged global recession due to the ongoing pandemic, outbreak of another infectious disease, increased protectionism and high unemployment.

The study by the World Economic Forum (WEF), the International organisation for public-private cooperation also pointed to the fact that the world is not ready for the after effects of the far flung environmental, societal and technological risks, but a "green recovery" and more resilient, cohesive, inclusive and equal societies can materialize if leaders take to action now. It further added that unless world leaders, policy makers and businesses work together to manage the blow of the pandemic economic distress and social discontent will rise over the next 18 months.

The study, titled 'COVID-19 Risks Outlook: A Preliminary Mapping and Its Implications', was conducted in partnership with Marsh & McLennan and Zurich Insurance Group. It takes into account views of nearly 350 senior risk professionals who analyzed and ranked their biggest concerns dealing with likelihood and impact for the world and for business for the next 18 months.

It is also suggested that the economic blow from COVID-19 majorly affects companies' risk perceptions which include a prolonged recession, weakening fiscal position of major economies, tighter restrictions on the movement of goods and people across borders and a major emerging market collapse.

The report urges leaders to act against the future universal shocks like the climate crisis, rising inequality, straining mental health, gaps in technology governance and health systems under continued pressure and geopolitical turbulence.
WEF also published a second report titled 'Challenges and Opportunities in the Post-COVID-19 World which draws insights of researchers, scientists and thought leaders to chart emerging prospects to build a more sustainable, prosperous and equitable world.

Saadia Zahidi, Managing Director of WEF stated that COVID-19 has had devastating effects on livelihoods and has triggered an economic crisis with far flung implications, revealing inadequacies of the past. She further added that this can be looked as a unique opportunity to do things differently and build back better economies that are more inclusive, resilient and sustainable.

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